Bitcoin Market Analysis: Why This Cycle Is Different From the Rest
Renowned trader Peter Brandt has uncovered a unique aspect of the current market cycle that sets it apart from previous ones. Based on his thorough examination of data and charts, Brandt predicts that the current Bitcoin bull market cycle will break records as the longest post-halving period without a new all-time high.
This revelation raises important questions about the current state of the Bitcoin market and the likelihood of a new ATH in the near future. Historical data shows that following Bitcoin halving events in 2012, 2016, and 2020, new cycle highs were achieved relatively quickly.
For instance, in the 2011-2013 cycle, Bitcoin reached a new high just eight weeks after halving. Similarly, the 2015-2017 cycle saw a new high 24 weeks post-halving, while the ATH for the 2018-2021 cycle was reached in 25 weeks.
With Bitcoin yet to hit a new high in the current 2022-2025 cycle, which is already 23 weeks post-halving, it is increasingly likely to break the previous record for the longest period without a new ATH.
Bitcoin is currently trading within resistance around the $62,000 mark as it aims to break out of the broad descending channel. Data suggests that Bitcoin must surpass a major obstacle at $73,804 to achieve a new all-time high. However, the market seems stagnant, and resistance levels are challenging to overcome without strong buying support.
According to Brandt’s analysis, the current behavior of the Bitcoin market suggests that a new ATH in this cycle is unlikely. This would mark a significant departure from past cycles, where Bitcoin consistently reached new highs post-halving events.
Analysis:
Renowned trader Peter Brandt has identified a unique aspect of the current Bitcoin market cycle that sets it apart from previous cycles. The data suggests that this cycle may be the longest post-halving period without a new all-time high in the history of the cryptocurrency. This raises questions about the likelihood of Bitcoin reaching a new ATH soon. As Bitcoin struggles to break out of a descending channel and faces resistance around $62,000, it must surpass $73,804 to set a new high. Brandt’s analysis indicates that a new ATH in this cycle is unlikely, which would be a significant deviation from past trends. This information is crucial for investors and individuals interested in the cryptocurrency market, as it provides insights into the current state of Bitcoin and potential future movements.